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Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

Wholesalers & distributors to maintain record of each transaction above Rs10,000: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that wholesalers, distributors or commission agents are required to maintain record of each transactions above Rs10,000. The FBR said that following record maintenance is mandatory by taxpayers with business income exceeding Rs. 500,000 and wholesalers, distributors, dealers and commission agents:- (a) Serially numbered and dated cash-memo / invoice / receipt for each ... Read More »

FBR develops e-commerce Automated Clearance System

ISLAMABAD: The Pakistan Customs has developed an e-Commerce automated clearance facility in collaboration with Sate Bank of Pakistan (SBP, Ministry of Commerce and e-commerce operators. The facility would help promote Consumer e-Commerce exports, according to press statement issued by the Federal Board of Revenue (FBR) here on Friday. The new system would facilitate the e-Commerce trade and document the e-Commerce ... Read More »

Jazz pays Rs5b against income tax liability on IHC order

ISLAMABAD: Pakistan Mobile Communication Limited (PMCL) – the operator of Mobilink / Jazz paid an amount of Rs5 billion out of total Rs22 billion as tax demand created by Large Taxpayers Office (LTO) Islamabad. The payment has been made as per the directions of Islamabad High Court (IHC) order in Income Tax reference No. 32/2020 dated November 10, 2020. Earlier, ... Read More »

Govt collects Rs142.977b oil, gas royalty in 21 months

ISLAMABAD: The government has collected around Rs 142.977 billion royalty from Exploration and Production (E&P) companies operating in different oil and gas producing districts across the country, during a period of 21-months. “From August 18, 2019 to May 5, 2020, an amount of Rs142.977 billion has been collected from different E&P companies, out of which Rs 51.196 billion were received ... Read More »

FBR announces TORs for probing complaints against IR & customs officials

ISLAMABAD: Federal Board of Revenue (FBR) issued Terms of Reference (TORs) for processing of complaints and launch probe against officials of Inland Revenue and Pakistan Customs. The TORs have been issued following the establishment of Integrity Management Cell (IMC) at the FBR headquarters and Regional Integrity Committee (RICs) at the field formations under the FBR. The FBR said that a ... Read More »

FBR, Nadra sign MoU to automate tax collection system

ISLAMABAD-Federal Board of Revenue (FBR) and National Data and Registration Authority (Nadra) has signed Memorandum of Understanding (MoU) to automate tax collection system to facilitate the taxpayers. In line with the vision of the Prime Minister to automate tax collection system to facilitate the taxpayers, Federal Board of Revenue under the guidance of Special Assistant to Prime Minister on Revenue, ... Read More »

Hafeez directs advisory committee for early hiring of consultant to sale out NGMS spectrum

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh Thursday directed the Advisory Committee for the release of unsold spectrum of Next Generation Mobile Services (NGMS) to complete the task of the hiring of the consultant at the earliest for the sale of available spectrum. Chairing the meeting of the advisory committee, the adviser also ... Read More »

Investors to maintain accounts & records separately regarding payment of CGT

ISLAMABAD: Federal Board of Revenue (FBR) has said that every investor of stock exchange shall maintain accounts and records separately for each of his brokerage accounts regarding payment of capital gain tax (CGT). The FBR officials on Thursday said that the record shall be maintained in a way which sufficiently enable for verification of discharge of his obligations under these ... Read More »

Pakistan values financial, technical support of World Bank: Hafeez Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired a meeting here at the Finance Division with Country Director World Bank (WB) Mr. Najy Benhassine, Ms. Melinda Good, Operations Manager WB, Mr Rikard Liden, Lead Energy Specialist (joined through video conferencing) and Mr. Shabih participated from the World Bank while Mr. Tabish Gohar SAPM ... Read More »

FBR updates rate of advance income tax on education fee

ISLAMABAD: Federal Board of Revenue (FBR) has updated rate of advance income tax to be collected by educational at the time of preparing fee challan during tax year 2021 (July 01, 2020 to June 30, 2021). The FBR issued Income Tax Ordinance, 2001 (updated up to June 30, 2020) after incorporating amendments brought through Finance Act, 2020. The FBR updated ... Read More »

FBR asks taxpayers not to share information of credit cards & other financial accounts to fraudulent SMS

ISLAMABAD: Federal Board of Revenue (FBR) advised taxpayers not to share their information of credit cards, banks and other financial accounts to fake and fraudulent SMS. “FBR does not send SMS to the taxpayers requesting for calling on specific numbers and asking for PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts,” the FBR ... Read More »

FBR to take stern action against return filers providing incorrect information

ISLAMABAD: Federal Board of Revenue (FBR) has warned individuals, who are return filers, against harsh action for providing incorrect information of taxable income. The FBR on Tuesday said that it had acquired vital information about income and expenditure of filers and non-filers. The revenue board advised return filers to visit the official information portal to view details of undeclared income ... Read More »

FBR allows clearing stuck cargoes against bank guarantee, pay order

ISLAMABAD: The Federal Board of Revenue (FBR) allowed customs clearance against bank guarantees or pay order to goods stuck up after changes in application of income tax rates applied through Finance Act 2020. The FBR implemented new tax rates under Section 148 of Income Tax Ordinance 2001 from July 1, 2020. Under the new regime, the FBR classified imported goods ... Read More »

Hafeez Shaikh chairs ECC meeting to review wheat supply, prices

ISLAMABAD: Adviser to Prime Minister on Finance Abdul Hafeez Shaikh on Monday chaired a meeting of the Economic Coordination Committee (ECC) to review supply and demand of wheat in the country and its subsequent impact on its prices. According to a handout issued after the ECC meeting, it was decided to form a subcommittee to implement upon the guidelines of ... Read More »

Pakistan among few countries that managed Covid-19 effectively: Hafeez Sheikh

ISLAMABAD: Advisor to Prime Minister on Finance, Dr. Abdul Hafeez Shaikh said here that Pakistan was one of a few governments of the world that effectively managed the COVID-19 pandemic and saved people from its negative effects. “When Covid-19 attacked us like other world, the Pakistani government was one of the few world governments that handled it in a better ... Read More »

Tax return filing reaches record high at 2.92 million: FBR

ISLAMABAD: According to data released by Federal Board of Revenue (FBR) on Monday, the filing of income tax return has reached a new high of 2.92 million following effective measures taken by the tax authorities to encourage persons having taxable income to file their return. The FBR updated Active Taxpayers List (ATL) for tax year 2019 on the basis of ... Read More »

FBR updates rate of advance tax on sale to retailers

ISLAMABAD: Federal Board of Revenue (FBR) has updated rate of advance income tax on sale to retailers during tax year 2021 (July 01, 2020 to June 30, 2020). The FBR issued Income Tax Ordinance, 2001 (updated up to June 30, 2020) after incorporating amendment brought through Finance Act, 2020. The rate of collection of tax under section 236H on the ... Read More »

FBR updates rate of tax on sale to distributors, dealers & wholesalers

ISLAMABAD: Federal Board of Revenue (FBR) has updated rate of advance income tax on sale to distributors, dealers and wholesalers during tax year 2021 (July 01, 2020 to June 30, 2020). The FBR issued Income Tax Ordinance, 2001 (updated up to June 30, 2020) after incorporating amendment brought through Finance Act, 2020. The FBR updated the rate of advance income ... Read More »

China remains top importer, trades products over $2763m to Pakistan

ISLAMABAD: China topped the list of countries from where Pakistan imported different products during the first quarter (Q1) of the current fiscal year (2020-21), followed by United Arab Emirates (UAE) and Singapore. The total imports from China during July-September (2020-21) were recorded at $2763.528 million against the $2292.749 million during July-September (2019-20), showing an increase of 20.53 percent during the ... Read More »

Federal govt released Rs289bPSDP funds since July

ISLAMABAD: The federal government has released about Rs289 billion Public Sector Development Programme (PSDP) funds till the first week of November during the current fiscal year. According to the statistics provided in government records, a total of Rs289 billion funds was released for Public Sector Development Programme (PSDP) and about Rs188.34 for development projects of the federal ministries. Rs43.26 billion ... Read More »